LONDON--(BUSINESS WIRE)--The global gas engine market is expected to grow by USD 1.85 billion as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 7%.
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The market is driven by the increase in electricity demand. In addition, the emergence of dual-fuel engines is anticipated to boost the growth of the gas engine market.
Factors such as globalization, rapid urbanization, and changing lifestyle and work culture across sectors have increased the demand for electricity. The adoption of electrical appliances has been increasing exponentially among households. Manufacturing and production processes are being automated and made less labor-intensive. Besides, the growing adoption of electric-vehicles has further increased the demand for electricity. Gas engines are widely used in the production of electricity. With the rise in the demand for electricity, the growth of the global gas engine market will accelerate during the forecast period.
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Major Five Gas Engine Companies:
Caterpillar Inc. operates its business through segments such as Resource Industries, Construction Industries, Energy and Transportation, and Financial Products. The company offers G16CM34, which is a natural gas, spark-ignited, V-style, turbocharged and aftercooled engine.
Cummins Inc. operates its business through segments such as Engine, Distribution, Components, Power Systems, and New Power. The company offers B6.7. It leverages the Single Module Aftertreatment System to provide better thermal management, easier service, and reduced space claim for better Shuttle Bus performance and fuel economy.
Doosan Infracore Co. Ltd.
Doosan Infracore Co. Ltd. operates its business through segments such as Engines, Construction Equipment, and Bobcat. GL08P is the key offering of the company. It is a 8 liter-class EURO6 CNG engine equipped with an oxidation catalyst and SCR. It is mounted on city buses.
Hyundai Heavy Industries Co. Ltd.
Hyundai Heavy Industries Co. Ltd. operates its business through segments such as Shipbuilding, Naval and Special Ship, Offshore and Â Industrial Plant Engineering, and Engine and Â Machinery. The company offers Dual-Fuel Engine which works on both gas fuel and light fuel oil.
INNIO Jenbacher GmbH & Co. OG
INNIO Jenbacher GmbH & Co. OG operates its business through segments such as Jenbacher and Waukesha. The company offers a range of gas engines. Jenbacher Type 2 and Waukesha mobileFLEX are its key offerings.
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Gas Engine Market End-user Outlook (Revenue, USD Billion, 2020-2024)
Gas Engine Market Regional Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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